Perenti's (ASX:PRN) existing strategy, centred on sustainable cash generation, disciplined growth, and increasing exposure to high-quality underground mining opportunities, is supported by the reward of a Bellevue Gold (ASX:BGL) contract, Euroz Hartleys said in a note on Wednesday.

The firm's underground mining business, Barminco, was awarded an around AU$850 million, four-year underground mining contract at the Bellevue gold project in Western Australia.

This represents a meaningful addition to Barminco's Australian underground mining portfolio and further reinforces Perenti's position as a leading underground mining contractor, translating to annualized revenue of around AU$210 million.

The investment firm retained its buy rating on Perenti and a price target of AU$2.92 per share.